109177--3/7/2008--ZAPATA

related topics

{tax, income, asset}

{financial, litigation, operation}

{stock, price, share}

{acquisition, growth, future}

Since we already meet the ownership criteria of the personal holding company rules, we may continue to pay an additional tax on future undistributed personal holding company income if Zapata Corporate generates passive income in excess of operating expenses. A change of ownership could reduce the benefits associated with the Company s tax assets. Our Company is majority-owned by the Malcolm I. Glazer Family Limited Partnership. As a result of this ownership, we are a controlled company within the meaning of the New York Stock Exchange rules and are exempt from certain corporate governance requirements. Agreements and transactions involving former subsidiaries or related parties may give rise to future claims that could materially adversely impact our capital resources. Litigation defense and settlement costs may be material. Future acquisitions and dispositions may not require a shareholder vote and may be material to the Company.

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109177--3/7/2008--ZAPATA_CORP